Hennessy Advisors Stock Forecast

Red day on Friday for Hennessy Advisors stock after losing 2.51%
(Updated on May 03, 2024)

HNNA Signals & Forecast

A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 1.49%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Hennessy Advisors stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $6.84 and $6.89. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Hennessy Advisors gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Hennessy Advisors stock

Hennessy Advisors finds support from accumulated volume at $6.75 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.440 (6.66%) between high and low. For the last week, the stock has had daily average volatility of 2.49%.

Our recommended stop-loss: $6.48 (-4.72%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 6 days ago.)

Trading Expectations (HNNA) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect Hennessy Advisors to open at $6.82, and during the day (based on 14 day Average True Range), to move between $6.64 and $6.96, which gives a possible trading interval of +/-$0.156 (+/-2.29%) up or down from last closing price. If Hennessy Advisors takes out the full calculated possible swing range there will be an estimated 4.58% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $6.84 (0.60%) than the support at $6.75 (0.74%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Hennessy Advisors stock A Buy?

Hennessy Advisors holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: 0.000 Hold/Accumulate Unchanged

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for Hennessy Advisors of Monday, May 6, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.